Industry Statistics and Trends
Market size and recent performance (2016-2031)
Industry revenue has grown at a CAGR of 0.4 % over the past five years, to reach an estimated $72.6bn in 2026.
Trends and Insights
Record-high pet ownership enhances the role of veterinary care
- Record-high pet ownership is increasing the importance of veterinary care. Dog ownership now represents nearly half of US households, with AVMA’s latest statistics showing that 45.5% of households owned a dog in 2024, compared with only 38.0% in 2016. Pet ownership accelerated during the pandemic and has since stabilized, but steady growth in the overall pet population continues, providing a larger patient base for veterinary practices.
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Source: IBISWorld
Industry outlook (2026-2031)
Market size is projected to grow over the next five years.
Trends and Insights
Workforce issues and financing gaps challenge rural veterinary clinics
- Rural veterinarians are disproportionately impacted by ongoing workforce shortages, which the USDA has formally recognized across nearly every state. These shortages are especially acute in regions where animal agriculture is central, placing additional pressure on rural and food-animal veterinarians who already face high demand for their services. For example, the American Veterinary Medical Association identified over 500 counties with shortages of food animal veterinarians in 2023, underscoring the extent of the shortage.
Biggest companies in the Veterinary Services in the US
| Company | Market Share (%)
2026 | Revenue ($m)
2026 | Profit ($m)
2026 | Profit Margin (%)
2026 |
|---|---|---|---|---|
Mars Inc. | 6,918.8 | 611.2 | 8.8 |
To view the market share and analysis for all 1 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including General examinations and consultations, Diagnostic services and Vaccinations. General examinations and consultations is the largest segment of the Veterinary Services in the US.
Trends and Insights
Price sensitivity pressures pet owers to delay general examinations
- General examinations and consultations are the core appointment types in which a veterinarian evaluates a pet’s health status, diagnoses problems and counsels the owner on next steps. Revenue from this category typically includes wellness exams, sick visits, rechecks and broader clinical consult time that triggers follow-on services (diagnostics, vaccines, dental, surgery).
- More insights available in the full report
Table of Contents
About this industry
Industry definition
Veterinary services are the medical and healthcare services licensed veterinarians and their support staff provide to animals. These services encompass a broad range of activities to maintain the health and well-being of animals, including household pets, livestock and wildlife.
What's included in this industry?
Products and services covered in the Veterinary Services industry in the United States include Perform routine examinations, Perform surgical treatments, Perform nonsurgical treatments, Sell animal food, medications and supplies, Conduct laboratory testing, Provide dog boarding, Provide dog grooming and Providing dental cleanings.Companies
Companies covered in the Veterinary Services industry in the United States include Mars Inc.Purchase this report to view all 1 major companies in this industry.
Related Terms
Related terms covered in the Veterinary Services industry in the United States include equine, orthopedics, ophthalmology, dermatology and zoonotic disease.Industry Code
NAICS 54194 - Veterinary Services in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
More US households own pets than ever before. A jump in the pet ownership rate between 2018 and 2024 provides practices with more animals to care for, while shifting views on...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2016-2025) and forecast (2026-2031)
- Employees, including historical (2016-2025) and forecast (2026-2031)
- Businesses, including historical (2016-2025) and forecast (2026-2031)
- Profit, including historical (2016-2026)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Nonsurgical care is the most sought-after service at vet clinics. Essential routine services, like vaccinations and health checks, are crucial for maintaining the health and ...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2026
- Product innovation level
Charts
- Products & services segmentation in 2026
- Major market segmentation in 2026
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
California has the most active veterinarians in the US. The distribution of vet clinics across the US closely follows population trends, as areas with larger populations tend...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2026
Tables
- Number and share of establishments in each state in 2026
- Number and share of revenue each state accounts for in 2026
- Number and share of wages each state accounts for in 2026
- Number and share of employees in each state in 2026
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Diagnostic laboratory services are crucial for retaining customers at animal hospitals. Without these services, animal hospitals risk losing clients to local veterinarians wh...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2021-2026
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Ongoing consolidation activity will create larger, corporate-owned veterinary groups. Small, independent clinics remain the status quo, but the shift toward larger, corporate...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2022 through 2026
- Major companies in the industry, including market share, revenue, profit and profit margin in 2026
- Overview of Mars Inc.'s performance by revenue, market share and profit margin from 2020 through 2026
Detailed analysis
- Description and key data for Mars Inc., and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Veterinarians must adhere to federal and state regulations. To practice, they need a graduate degree from one of 33 accredited veterinary colleges and must pass state-specifi...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2016-2031)
- Assistance historical data and forecast (2016-2031)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Growth in pet ownership and higher veterinary fees strengthen profit. A combination of a growing number of pets and pet owners' willingness to invest in their pets' health ha...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2026
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2026
- Investment vs. share of economy
Data tables
- Industry Multiples (2019-2024)
- Industry Tax Structure (2019-2024)
- Income Statement (2019-2024)
- Balance Sheet (2019-2024)
- Liquidity Ratios (2019-2024)
- Coverage Ratios (2019-2024)
- Leverage Ratios (2019-2024)
- Operating Ratios (2019-2024)
- Cash Flow & Debt Service Ratios (2016-2031)
- Revenue per Employee (2016-2031)
- Revenue per Enterprise (2016-2031)
- Employees per Establishment (2016-2031)
- Employees per Enterprise (2016-2031)
- Average Wage (2016-2031)
- Wages/Revenue (2016-2031)
- Establishments per Enterprise (2016-2031)
- IVA/Revenue (2016-2031)
- Imports/Demand (2016-2031)
- Exports/Revenue (2016-2031)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2016-2031)
- IVA (2016-2031)
- Establishments (2016-2031)
- Enterprises (2016-2031)
- Employment (2016-2031)
- Exports (2016-2031)
- Imports (2016-2031)
- Wages (2016-2031)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Veterinary Services industry in the United States in 2026?
The market size of the Veterinary Services industry in the United States is $72.6bn in 2026.
How many businesses are there in the Veterinary Services industry in the United States in 2026?
There are 57,920 businesses in the Veterinary Services industry in the United States, which has grown at a CAGR of 2.9 % between 2021 and 2026.
How may import tariffs affect the Veterinary Services industry in the United States?
The Veterinary Services industry in the United States is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Veterinary Services industry in the United States?
The Veterinary Services industry in the United States is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Veterinary Services industry in the United States grown or declined over the past 5 years?
The market size of the Veterinary Services industry in the United States has been growing at a CAGR of 0.4 % between 2021 and 2026.
What is the forecast growth of the Veterinary Services industry in the United States over the next 5 years?
Over the next five years, the Veterinary Services industry in the United States is expected to grow.
What are the biggest companies in the Veterinary Services industry in the United States?
The biggest company operating in the Veterinary Services industry in the United States is Mars Inc.
What does the Veterinary Services industry in the United States include?
Perform routine examinations and Perform surgical treatments are part of the Veterinary Services industry in the United States.
Which companies have the highest market share in the Veterinary Services industry in the United States?
The company holding the most market share in the Veterinary Services industry in the United States is Mars Inc..
How competitive is the Veterinary Services industry in the United States?
The level of competition is high and increasing in the Veterinary Services industry in the United States.
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
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